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Blackstone affiliate's takeover bid for Hispania lands Spanish regulator's OK

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Blackstone affiliate's takeover bid for Hispania lands Spanish regulator's OK

Spain's Comisión Nacional del Mercado de Valores adopted a resolution authorizing a Blackstone Group LP affiliate's about €1.59 billion takeover bid for Hispania Activos Inmobiliarios.

In a June 12 meeting, the Spanish securities commission resolved that the terms of Alzette Investment Sàrl's €17.45 voluntary cash offer for the shares it does not already own in Hispania comply with the applicable regulations. The government agency also added that the content of the prospectus relating to the deal that was incorporated June 7 is sufficient to warrant its approval.

Alzette Investment is offering to buy the remaining 83.44% stake, or 91,096,447 shares, in Hispania. Apart from regulatory approvals, the proposal must also be approved by more than 50% of the target's shareholders.